cramo’s interim report 1 january–31 march 2013 · average number of personnel (fte) 2,505 2,721...

INTERIM REPORT Q1/2013 / CRAMO PLC / POWERING YOUR BUSINESS

CRAMO’S INTERIM REPORT 1 JANUARY–31 MARCH 2013

DIFFICULT QUARTER, COST CUTTING EFFECTS MATERIALISING

1–3/2013 highlights (year-on-year comparison in brackets):

- Sales EUR 148.5 (160.0) million, the change was -7.2%. Sales change excluding divested operations and restructuring

in Russia -5.3%

- EBITA EUR 6.4 (10.6) million and EBITA margin 4.3% (6.6%); comparable EBITA excluding non-recurring items

EUR 6.9 (8.4) million, or 4.7 (5.2) per cent of sales

- Earnings per share EUR -0.04 (0.04); comparable earnings per share excluding the effect of non-recurring items

EUR 0.01 (-0.01)

- Return on equity (rolling 12 months) 6.9% (7.3%)

- Cash flow from operating activities EUR 17.9 (17.8) million, cash flow after investments EUR -18.9 (17.1) million

- Gearing 69.7% (77.4%)

- The joint venture with Ramirent in Russia and Ukraine was launched on 1 March 2013 and the business acquisitions in

Norway were completed on 1 February 2013

- Hybrid bond redeemed on 29 April 2013, related finance cash flow improvement approximately EUR 4 million per year

Guidance for 2013 unchanged: Referring to the market outlook, which pictures a high uncertainty in Cramo’s market areas,

the Board does not consider it prudent to give a guidance on Group sales either growing or declining in 2013. However, the

Group’s business demonstrates a good continuity over time. In 2013, already implemented and on-going efficiency

measures are likely to yield an improvement in EBITA margin percentage compared with the previous year.

KEY FIGURES AND RATIOS (MEUR) 1-3/13 1-3/12 Change % 1-12/12

Income statement

Sales 148.5 160.0 -7.2 % 688.4

EBITDA 29.7 36.2 -17.8 % 179.6

EBITA 1) 6.4 10.6 -39.8 % 78.0

% of sales 4.3% 6.6% 11.3%

Operating profit / loss (EBIT) 1.7 7.6 -77.8 % 64.5

Profit / loss before tax (EBT) -2.3 2.4 44.3

Profit / loss for the period -1.8 1.8 38.7

Share related information

Earnings per share (EPS), EUR -0.04 0.04 0.93

Earnings per share (EPS), diluted, EUR -0.04 0.04 0.93

Shareholders’ equity per share, EUR 11.22 10.54 6.4 % 11.58

Other information

Return on investment, % 2), 3) 6.7 % 7.3 % 7.3 %

Return on equity, % 2), 3) 6.9 % 7.3 % 7.5 %

Equity ratio, % 2) 46.6 % 44.5 % 48.6 %

Gearing, % 2) 69.7 % 77.4 % 65.1 %

Net interest-bearing liabilities 2) 364.9 374.7 -2.6 % 346.9

Gross capital expenditure (incl. acquisitions) 46.2 24.3 90.1 % 125.1

of which acquisition/business combinations 31.2 0.8

Cash flow after investments -18.9 17.1 62.2

Average number of personnel (FTE) 2,505 2,721 -7.9 % 2,664

Number of personnel at period end (FTE) 2,402 2,736 -12.2 % 2,555

1) EBITA is operating profit before amortisation and impairment resulting from acquisitions and dis-posal 2) Full year 2012 key figures have been calculated before reclassification of Russian business as assets and liabilities to be transferred to joint venture according to IFRS5

3) Rolling 12 month

INTERIM REPORT Q1/2013/ CRAMO PLC / POWERING YOUR BUSINESS

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SUMMARY OF FINANCIAL PERFORMANCE IN JANUARY–MARCH 2013

During the first quarter of 2013, Cramo Group’s con-

solidated sales were EUR 148.5 (160.0) million, showing a

decrease of 7.2 per cent. In local currencies, sales de-

creased by 9.3 per cent.

Sales were weakened by the divestment of Cramo’s

modular space production and customised space rental

businesses in Finland in March 2012 as well as by the

transfer of the Russian operations to a joint venture on 1

March 2013. Sales change excluding divested operations

and restructuring in Russia was -5.3 per cent. Furthermore,

the weak economic situation that has prevailed in Europe

for a long time has affected construction activity and de-

mand for rental services in many of Cramo’s operating

countries. Sales were also impaired by prolonged winter

conditions which postponed the start of many construction

projects.

EBITA was EUR 6.4 (10.6) million, or 4.3 (6.6) per

cent of sales. Comparable EBITA excluding non-recurring

items was EUR 6.9 (8.4) million, or 4.7 (5.2) per cent of

sales. The effect of cost savings and other efficiency

measures are already materialising. The non-recurring item

consists of EUR 0.6 million of reorganisation expenses

related to business acquisitions in Norway. Another factor

that had an impact on the result of the quarter is a non-

recurring EUR 1.8 million impairment related to the busi-

ness operations transferred to the Russian joint venture,

presented after EBITA. EBITA of the comparison period in

2012 included a non-recurring net capital gain from the

divestment of the modular space production and custom-

ised modular space rental businesses in Finland, totalling

EUR 2.2 million.

EBITDA was EUR 29.7 (36.2) million, or 20.0 (22.6)

per cent of sales. Earnings per share were EUR -0.04

(0.04). Comparable earnings per share excluding the effect

of non-recurring items were EUR 0.01 (-0.01).

A satisfactory result was achieved in Finland and

Sweden, considering the market environment. In Denmark,

the result improved as a result of the depot network reduc-

tion carried out at the end of 2012. The result also im-

proved from the previous year in Eastern Europe as well as

in Norway before non-recurring expenses. The cold winter

postponed the start of many construction projects especial-

ly in Central Europe, and profit development in that region

was weak. In the modular space business, demand has

continued at a high level in all Nordic countries.

Cash flow from operating activities was EUR 17.9

(17.8) million, gross capital expenditure was EUR 46.2

(24.3) million and net cash flow from investing activities

EUR -36.8 (-0.7) million. Gross capital expenditure in-

cludes acquisitions and business combinations EUR 31.2

million. Cash flow after investments was EUR -18.9 (17.1)

million.

The Group’s gearing was 69.7 (77.4) per cent at the

end of March. Gearing was affected by the acquisitions

completed.

After the period under review, on 29 April 2013, Cra-

mo redeemed the EUR 50 million hybrid bond as planned,

The redemption is expected to improve the Group’s cash

flow from financing activities by approximately EUR 4 mil-

lion per year.

MARKET OUTLOOK

The economic uncertainty in Europe continues. In

both industrial and new construction activities, investment

decisions are being postponed to a later date. However,

market-specific differences are great.

Both the construction market analyst Euroconstruct

and the Confederation of Finnish Construction Industries

RT have estimated that construction activity will decline by

some three per cent in Finland in 2013. In Sweden, con-

struction activity is estimated to remain at the 2012 level or

to decline slightly. In Poland, construction market growth is

estimated to take a negative turn. In Denmark, Norway,

Germany, Russia and the Baltic region, the market is ex-

pected to grow.

The equipment rental market normally grows faster

than the underlying construction market, but changes in

demand follow those in construction with a small delay and

may be strong.

Cramo takes a cautious approach to 2013. The

equipment rental market will be challenging particularly

during the first part of the year, but the economic situation

in Cramo’s main markets is forecasted to improve towards

the end of the year.

(All construction market forecasts presented in this

review are estimates by Euroconstruct, unless otherwise

stated.)

GUIDANCE ON GROUP OUTLOOK

Guidance on Group outlook remains unchanged: Re-

ferring to the market outlook, which pictures a high uncer-

tainty in Cramo’s market areas, the Board does not con-

sider it prudent to give a guidance on Group sales either

growing or declining in 2013. However, the Group’s busi-

ness demonstrates a good continuity over time.


Q1

4

In 2013, already implemented and on-going efficiency

measures are likely to yield an improvement in EBITA

margin percentage compared with the previous year.

CEO’S COMMENT

“Our top-line development did not meet our expecta-

tions. Although our performance varies by country, a 7.2

per cent decline in sales puts a pressure on the organisa-

tion. Therefore the management initiated a program to

better align our cost structure with the market conditions.

As a result, we managed to keep our comparable EBITA

margin almost intact.

One of the most significant events during the first

months of the year was the launch of Fortrent, our joint

venture with Ramirent in Russia and Ukraine. By combin-ing the resources of two companies with extensive experi-

ence of operating in Russia, we now have achieved a

better leverage and an opportunity to gain a leading posi-

tion in equipment rental in the growing Russian market.

The partnership with Ramirent increases the growth oppor-

tunities for Fortrent while balancing the risks involved.

There is a good market for rental business in Russia.

During the period, we completed acquisitions in Nor-

way when we bought the businesses of rental companies

Lambertsson and Kranpunkten. In these transactions the

companies outsourced their rental fleet and personnel to

Cramo. Cramo also concluded a long-term delivery con-

tract with the Peab Group in Norway. This strengthens both

the cooperation between Cramo and Peab and our position

in the growing Norwegian rental market. The integration of

operations has proceeded well.

As we expected, the first quarter was financially diffi-

cult for Cramo. We may be experiencing the low point of

the business cycle in our main markets, and during the

quarter there were also non-recurring expenses resulting

from corporate reorganisations. Our result was affected by

the long winter season which postponed the start of

numerous construction projects. The demand for equip-

ment rental is expected to pick up in the spring.

With few exceptions, we see no growth in construc-

tion or equipment rental in 2013, as in the economy in

general. This emphasises the significance of improving

operational efficiency. We also continue to develop our

sales and customer service. The effect of cost savings and

other efficiency measures are already materialising. This

forms a solid foundation for better profitability in the chal-

lenging operating environment of 2013”, says Vesa Koivu-

la, President and CEO of Cramo Group.

SALES AND PROFIT

During the first quarter of 2013, Cramo Group’s con-

solidated sales were EUR 148.5 (160.0) million, showing a

decrease of 7.2 per cent. In local currencies, sales de-

creased by 9.3 per cent.

Sales were weakened by the divestment of Cramo’s

modular space production and customised space rental

businesses in Finland in March 2012 as well as by the

transfer of the Russian operations to a joint venture on 1

March 2013. Sales change excluding divested operations

and restructuring in Russia was -5.3 per cent. Furthermore,

the weak economic situation that has prevailed in Europe

for a long time has affected construction activity and de-

mand for rental services in many of Cramo’s operating

countries. Sales were also impaired by prolonged winter

conditions which postponed the start of many construction

projects.


cent of sales. Comparable EBITA excluding non-recurring

items was EUR 6.9 (8.4) million, or 4.7 (5.2) per cent of

sales. The effect of cost savings and other efficiency

measures are already materialising. The non-recurring item

consists of EUR 0.6 million of reorganisation expenses

related to business acquisitions in Norway. Another factor

that had an impact on the result of the quarter is a non-

recurring EUR 1.8 million impairment related to the busi-

ness operations transferred to the Russian joint venture,

presented after EBITA. EBITA of the comparison period in

2012 included a non-recurring net capital gain from the

divestment of the modular space production and custom-

ised modular space rental businesses in Finland, totalling

EUR 2.2 million.

EBITDA was EUR 29.7 (36.2) million, or 20.0 (22.6)

per cent of sales.

Fortrent, the joint venture of Cramo and Ramirent op-

erating in Russia and Ukraine, started its operations on 1

March 2013. Cramo presents its share (50 per cent) of the

profit of the joint venture using the equity method of ac-

counting above EBITDA and continues to report it as part

of the Eastern Europe business segment. With the joint

venture, sales from the Russian operations will no longer

be included in the sales of Cramo Group.

A satisfactory result was achieved in Finland and

Sweden, considering the market environment. In Denmark,

the result was improved by the reduction of the depot net-

work carried out at the end of 2012. The result also im-

proved from the previous year in Eastern Europe as well as

in Norway before non-recurring expenses. In Central Eu-

rope, the cold winter season postponed the start of con-


Q1

5

struction projects, and profit development in that region

was weak. In the modular space business, demand has

continued at a high level in all Nordic countries.

EBIT was EUR 1.7 (7.6) million, or 1.1 (4.7) per cent

of sales. Profit before taxes was EUR -2.3 (2.4) million and

profit for the period EUR -1.8 (1.8) million.

The Group’s credit losses and credit loss provisions

were EUR 1.1 (1.3) million. The result includes impairment

losses on the fleet totalling EUR 0.2 (0.3) million.

Expenses associated with share-based payments to-

talled EUR 0.1 (0.9) million.

Net finance costs were EUR 4.0 (5.2) million.

Earnings per share were EUR -0.04 (0.04) and dilut-

ed earnings per share were EUR -0.04 (0.04). Comparable

earnings per share excluding the effect of non-recurring

items were EUR 0.01 (-0.01).

Return on investment (rolling 12 months) was 6.7

(7.3) per cent and return on equity (rolling 12 months) 6.9

(7.3) per cent.

CAPITAL EXPENDITURE AND DEPRECIA-TION/AMORTISATION

Gross capital expenditure was EUR 46.2 (24.3) mil-

lion, of which EUR 31.2 (0.0) million relates to acquisitions

and business combinations. Of acquisitions and business

combinations, EUR 10.4 million are related to the joint

venture in Russia and EUR 20.8 million to business acqui-

sitions in Norway.

Reported depreciation and impairment on tangible

assets and assets available for sale were EUR 23.4 (25.6)

million.

Amortisation and impairment resulting from acquisi-

tions and disposals totalled EUR 4.7 (3.0) million in the

period under review.

At the end of the period, goodwill totalled EUR 172.9

(166.2) million.

FINANCIAL POSITION AND BALANCE SHEET

In January–March, cash flow from operating activities

was EUR 17.9 (17.8) million. Cash flow from investing

activities was EUR -36.8 (-0.7) million and cash flow from

financing activities EUR 19.6 (-28.2) million. The Group’s

cash flow after investments was EUR -18.9 (17.1) million.

At the end of the period, the Group’s balance sheet

included EUR 5.9 (6.1) million of assets available for sale.

On 31 March 2013, Cramo Group’s net interest-

bearing liabilities totalled EUR 364.9 (374.7) million. At the

end of the period, gearing was 69.7 (77.4) per cent. Gear-

ing was impaired by acquisitions completed as well as

decisions made during the period with regard to dividends

and payment of hybrid bond interests.

Of the Group’s variable rate loans, EUR 91.0 (182.2)

million were hedged by way of interest rate swaps on 31

March 2013. Hedge accounting is applied to EUR 91.0

(145.6) million of these interest rate hedges. On 31 March

2013, Cramo Group had undrawn committed credit facili-

ties (excluding leasing facilities) totalling EUR 217.6

(178.3) million, of which non-current facilities represented

EUR 200.0 (163.0) million and current facilities EUR 17.6

(15.3) million.

At the end of the period under review, property, plant

and equipment amounted to EUR 623.4 (612.5) million of

the balance sheet total. The balance sheet total on 31

March 2013 was EUR 1,134.1 (1,097.3) million. The equity

ratio was 46.6 (44.5) per cent.

Rental liabilities associated with off-balance sheet

operational leasing agreements totalled EUR 33.8 (40.3)

million on 31 March 2013. Off-balance sheet liabilities for

office and depot rents totalled EUR 119.7 (124.6) million.

The Group’s investment commitments amounted to EUR

17.2 (17.5) million, the majority of which is related to the

acquisition of modular space.

On 26 March 2013, Cramo Plc announced that it will

redeem the EUR 50 million hybrid bond (equity bond under

IFRS). The redemption was made after the period under

review, on 29 April 2013, in accordance with the terms and

conditions of the hybrid bond. The redemption is expected

to improve the Group’s cash flow from financing activities

by approximately EUR 4 million per year but it has an im-

pairing effect on the Group’s equity and consequently on

gearing. Regardless of this, it is estimated that gearing will

remain on target. In addition, the redemption has a positive

impact on the Group’s return on equity.

GROUP STRUCTURE

Cramo Plc is a service company specialising in

equipment rental services, as well as the rental of modular

space. Its equipment rental services comprise construction

machinery and equipment rentals, as well as rental-related

services. These rental-related services include construction

site and installation services. Cramo Plc is one of the in-

dustry’s leading service providers in the Nordic countries

and Central and Eastern Europe.

At the end of the period under review, Cramo Group

consisted of the parent company Cramo Plc, which pro-

vides group-level services, and, as operating companies,

its wholly-owned subsidiaries in Finland, Sweden, Norway,


Q1

6

Denmark, Estonia, Latvia, Lithuania, Poland, the Czech

Republic, Slovakia, Germany, Austria and Hungary. Cramo

Plc also owns a financing company in Belgium and a com-

pany in Sweden which offers group-level services.

In addition, Cramo owns 50 per cent of Fortrent, the

joint venture launched with Ramirent and operating in

Russia and Ukraine.

At the end of the period, equipment rental services

were provided through a network of 362 (406) depots. A

total of 65 (75) of these were entrepreneur-managed.

STRATEGIC TARGETS

Cramo’s strategic cornerstones include being the cus-

tomer’s first choice, being Best in town in rental business,

acting as a driver in rental development and achieving

operational agility. Another cornerstone is combining the

operational models and best practices of mature and

growth markets.

Cramo’s long-term financial targets are as follows:

EBITA margin above 15 per cent of sales over a business

cycle, a maximum gearing of 100 per cent, a faster growth

of sales than that of the market and return on equity higher

than 12 per cent over a business cycle. In profit distribu-

tion, the target is to follow a stable profit distribution policy

and to pay approximately 40 per cent of earnings per share

(EPS) for a period as dividends.

Achieving these targets requires the roll-out of a uni-

form Cramo Rental Concept and harmonised key process-

es in all markets, as well as expanding the modular space

business outside Finland and Sweden more strongly than

before.

MANAGEMENT TEAM

During the period, Cramo implemented a new organi-

sation in order to support more efficiently the Group’s stra-

tegic and financial targets. Operationally, the new organi-

sation has three market areas: Scandinavia (Sweden,

Norway, Denmark), Eastern Europe (Finland, Estonia,

Latvia, Lithuania, Poland) and Central Europe (Germany,

Austria, Hungary, the Czech Republic, Slovakia). Cramo’s

business segments, as reported externally, will remain

unchanged. The new organisation became effective as of 1

February 2013.

In connection with the organisational change, the fol-

lowing appointments were made in the Management

Team: Mr Erik Bengtsson was appointed Executive Vice

President, Scandinavia. He also continues in his position

as Managing Director of Cramo Sweden. Mr Tatu Hauhio

was appointed Executive Vice President, Eastern Europe,

and continues as Managing Director of Cramo Finland. Mr

Dirk Schlitzkus was appointed Executive Vice President,

Central Europe, and continues as Managing Director of

Cramo’s operations in Germany, Austria and Hungary

(Theisen Group). CIO Per Lundquist was appointed Senior

Vice President, Operations. In addition to the IT function,

he is responsible for human resources, marketing and

communications and the harmonisation of the Group's

business concepts and processes. Mr Martin Holmgren

continues as Senior Vice President, Fleet Management. Mr

Martti Ala-Härkönen continues as CFO, responsible also

for the Group’s business planning, M&A, legal function and

investor relations. New members of the Group’s Manage-

ment Team are Mr Petri Moksén, Senior Vice President,

Modular Space and Mr Aku Rumpunen, Senior Vice Presi-

dent, Group business control.

HUMAN RESOURCES

During the period under review, Group staff averaged

2,505 (2,721). In addition, the Group employed approxi-

mately 120 (164) persons as work force hired from a staff-

ing service. At the end of the period, Group staff numbered

2,402 (2,736) as full time equivalent (FTE).

Cramo Group’s flexible operational model includes

the utilisation of not only permanent personnel but also

work force hired from a staffing service. The proportion of

permanent personnel to work force hired from a staffing

service as well as their numbers are constantly adjusted on

the basis of the market situation.

The geographical distribution of personnel at the end

of the period was as follows: 469 (653) of personnel in

Finland, 809 (818) in Sweden, 255 (222) in Norway, 101

(121) in Denmark, 330 (299) in Central Europe and 437

(622) in Eastern Europe.


Q1

7

PERFORMANCE BY BUSINESS SEGMENT

Cramo Group’s business segments consist of Fin-

land, Sweden, Norway, Denmark, Central Europe (which

includes Germany, Austria and Hungary) and Eastern

Europe (which includes Estonia, Latvia, Lithuania, Poland,

the Czech Republic, Slovakia, the Kaliningrad region in

Russia as well as a 50 per cent share of the profit of the

joint venture Fortrent (Russia, excluding the Kaliningrad

region, and Ukraine) in accordance with the equity method

of accounting. In addition to segment information, Cramo

also reports on the order book value for modular space.

Finland generated 15.3 (18.2) per cent of the total

consolidated sales for January–March 2013 (excluding

elimination of inter-segment sales), Sweden 48.5 (48.0) per

cent, Norway 15.3 (12.9) per cent, Denmark 5.1 (5.1) per

cent, Central Europe 7.5 (7.3) per cent and Eastern Europe

8.3 (8.6) per cen

Finland Finland (EUR 1,000) 1-3/13 1-3/12 Change % 1-12/12

Sales 22,995 29,348 -21.6 % 112,666

EBITA 2,315 2,949 -21.5 % 20,975

EBITA-% 10.1 % 10.0 % 18.6 %

No of employees (FTE) 445 630 -29.4 % 428

No of depots 53 55 -3.6 % 55

The Finnish operations reported sales of EUR 23.0

(29.3) million for January–March.


cent of sales. Despite the decrease in sales, relative profit-

ability remained at the previous year's level, thanks to cost

reductions and efficiency improvements.

Sales and profit decreased as a result of the weak

situation in the construction market and of the divestment

of Cramo’s modular space production and customised

space rental businesses in March 2012. Demand for

standardised modular space continued at a high level.

According to a forecast published by Euroconstruct,

the Finnish construction market will decline by slightly over

two per cent in 2013. The Confederation of Finnish Con-

struction Industries RT published a similar estimate in April.

It is estimated that new construction activity will decline

further and civil engineering will remain at the previous

year's level. Construction activity in renovation projects is

predicted to continue increasing. VTT Technical Research

Centre of Finland predicts that the Finnish equipment rent-

al market will decline by approximately one per cent in

2013.

The number of Cramo depots at the end of the period

under review was 53 (55).

Sweden

Sweden (EUR 1,000) 1-3/13 1-3/12 Change % 1-12/12

Sales 72,861 77,457 -5.9 % 322,359

EBITA 9,961 12,881 -22.7 % 57,578

EBITA-% 13.7 % 16.6 % 17.9 %


No of depots 121 126 -4.0 % 124

Cramo’s operations in Sweden reported sales of EUR

72.9 (77.5) million for January–March, representing a de-

crease of 5.9 per cent. In the local currency, the change

was -9.7 per cent.


cent of sales.

During the first months of the year, the situation in the

construction and equipment rental market declined espe-

cially in Southern Sweden. Demand in Northern Sweden


Q1

8

continued at a high level. Relative profitability remained at

a satisfactory level, thanks to efficiency measures initiated

by Cramo in 2012. The effects of the efficiency measures

are predicted to show more clearly in the profit for the

whole year.

The most significant new customer agreement in the

first quarter was signed for the Västerås power plant pro-

ject. In the modular space business, demand continued at

a high level.

Euroconstruct estimates that in 2013, construction ac-

tivity will remain at least at the previous year’s level, but the

Swedish Construction Federation forecasts that it will de-

crease by approximately one per cent.

At the end of the period under review, Cramo had 121

(126) depots in Sweden.

Norway Norway (EUR 1,000) 1-3/13 1-3/12 Change % 1-12/12

Sales 23,026 20,798 10.7 % 84,167

EBITA 910 923 -1.4 % 5,319

EBITA-% 4.0 % 4.4 % 6.3 %

No of employees (FTE) 255 222 14.9 % 223

No of depots 32 34 -5.9 % 31

In January–March, Cramo’s Norwegian operations

reported sales of EUR 23.0 (20.8) million, up 10.7 per cent.

In the local currency, the change was 8.4 per cent.

EBITA was EUR 0.9 (0.9) million, or 4.0 (4.4) per cent

of sales. EBITA excluding non-recurring expenses was

EUR 1.5 (0.9) million, or 6.5 (4.4) per cent of sales. The

non-recurring expenses resulted from reorganisation relat-

ed to the business acquisitions.

Demand in Norway has continued at a good level in

large towns and, thanks to energy-related investments, on

the west coast of the country. However, the prolonged

winter season postponed the start of construction projects

in Norway, too.

The agreement on the acquisition of the rental busi-

ness operations of Lambertsson AS and Kranpunkten AS

in Norway, signed by Cramo in December, came into force

on 1 February 2013. In the business transactions, rental

fleet and personnel are outsourced to Cramo and long-

term delivery contracts to the Peab Group in Norway.

Sales from business acquisitions is expected to increase

during the rest of the year. In addition, a significant new

customer agreement was signed with Stena Recycling.

The market outlook in Norway is positive. Eurocon-

struct has estimated that construction activity in Norway

will grow by more than five per cent in 2013, but a local

market analysis company has lowered its estimate to three

per cent. Strong construction activity is expected to contin-

ue in the oil and gas industry despite labour shortage in the

industry. Residential construction and civil engineering are

also expected to grow.


(34) depots in Norway.

Denmark

Denmark (EUR 1,000) 1-3/13 1-3/12 Change % 1-12/12

Sales 7,615 8,189 -7.0 % 37,684

EBITA -235 -1,445 -5,022

EBITA-% -3.1 % -17.6 % -13.3 %


No of depots 7 18 -61.1 % 7

Cramo’s Danish operations reported sales of EUR 7.6

(8.2) million, representing a decline of 7.0 per cent. EBITA

was EUR -0.2 (-1.4) million, or -3.1 (-17.6) per cent of

sales.

Operating with a reduced depot network has started

smoothly. Towards the end of 2012, the number of depots

was reduced and operations were intensely centralised to

growth regions while simultaneously strengthening the

sales organisation. The effect of the reorganisation

measures completed improved profitability. Demand has

continued at a good level in the Copenhagen and Aarhus


Q1

9

regions, but the winter has postponed the start of construc-

tion projects.

The most significant new customer agreement of the

first quarter was signed with the energy company Vatten-

fall. Cramo and Vattenfall already have a similar agree-

ment in Sweden.

According to Euroconstruct’s estimate, construction

activity in Denmark will increase by approximately two per

cent in 2013, but local estimates are more cautious. Civil

engineering is expected to grow.


(18) depots in Denmark. Central Europe Central Europe (EUR 1,000) 1-3/13 1-3/12 Change % 1-12/12

Sales 11,238 11,782 -4.6 % 66,973

EBITA -4,673 -4,314 -8.3 % -236

EBITA-% -41.6 % -36.6 % -0.4 %

No of employees (FTE) 330 299 10.4 % 327

No of depots 86 96 -10.4 % 88

Sales reported by the Central European operations

decreased by 4.6 per cent and were EUR 11.2 (11.8) mil-

lion.

EBITA was EUR -4.7 (-4.3) million, or -41.6 (-36.6)

per cent of sales. In Central Europe, the focus of Cramo’s

rental fleet still is on construction machinery, and therefore

seasonal fluctuations are stronger there than in Cramo’s

other business segments. The prolonged winter season

postponed the start of construction projects and impaired

profit.

Cramo is in the process of modifying its operations

throughout Central Europe according to the Cramo Rental

Concept, which means, among other measures, expansion

of the product and service offering and further centralisa-

tion of operations according to the Best in town strategy.

There are already targeted positive effects visible from the

projects initiated. The target is to improve profitability,

increase sales volumes and mitigate the seasonality im-

pact of operations.

According to Euroconstruct’s forecast, construction

activity in Germany will take an upwards turn and increase

by 2.5 per cent in 2013.

At the end of the period under review, the number of

Cramo depots in Central Europe was 86 (96).

Eastern Europe Eastern Europe (EUR 1,000) 1-3/13 1-3/12 Change % 1-12/12

Sales 12,486 13,870 -10.0 % 70,263

EBITA -85 -801 6,722

EBITA-% -0.7 % -5.8 % 9.6 %


No of depots 63 77 -18.2 % 71

Cramo Group’s equipment rental business sales in

Eastern Europe come from Estonia, Latvia, Lithuania,

Poland, the Czech Republic, Slovakia and the Kaliningrad

region in Russia. Fortrent, the joint venture of Cramo and

Ramirent in Russia and Ukraine, started its operations on 1

March 2013. From now on, Fortrent’s sales will not be

included Cramo Group’s sales, but Cramo’s share (50 per

cent) of the profit of the period under review will be includ-

ed in the EBITA of the Eastern Europe business segment

in accordance with the equity method of accounting.

For the first quarter, Cramo’s operations in Eastern

Europe reported sales of EUR 12.5 (13.9) million, a decline

of 10.0 per cent. In local currencies, the change in sales

was -9.7 per cent. The decrease in sales resulted from the

shift of Russian operations to Fortrent as of 1 March, 2013.

EBITA improved and was EUR -0.1 (-0.8) million, or -

0.7 (-5.8) per cent of sales. The improvements in profitabil-


Q1

10

ity were due to adjustments made earlier in Poland, the

Czech Republic and Slovakia and good demand in Russia.

Cramo presented the assets to be transferred to Fortrent

separately in its balance sheet until the end of February

2013, according to which Cramo did not book any depreci-

ations (totalling EUR 0.9 million) for its Russian companies

during January-February 2013.

In 2013, construction activity in Estonia is estimated

to increase by some two per cent. In Latvia and Lithuania,

construction activity is predicted to increase by 3–4 per

cent. In Poland, construction activity is forecast to take a

downwards turn as especially civil engineering declines

and is predicted to decrease by more than three per cent.

Construction activities are predicted to decrease by some

two per cent in the Czech Republic and by approximately

one per cent in Slovakia.

At the end of the period, the number of depots in

Eastern Europe was 63 (77).

FORTRENT: JOINT VENTURE IN RUSSIA AND

UKRAINE

The sales of Fortrent Group for the period of 1–31

March 2013 was EUR 4.2 (4.0) million, growing 5.0 per

cent from the previous year. EBITA was EUR -0.2 (0.2)

million, or -4.8 (5.1) per cent of sales, and profit for the

period was EUR -0.3 million.

Fortrent Oy is owned and controlled 50/50 by Cramo

and Ramirent, and its parent company Fortrent Oy is a

Finnish limited liability company. To reach equal owner-

ship, Cramo paid to Ramirent a cash contribution of ap-

proximately EUR 9.2 million in connection with the closing

of the transaction. Cramo recorded a non-recurring EUR

1.8 million impairment related to the business operations

transferred to the Russian joint venture in the quarter,

presented under EBITA.

Integration of Fortrent’s business operations pro-

ceeded as planned. The Chairman of the Board of Direc-

tors is Mr Anton Artemiev, who has extensive Russian and

international business experience. Mr Grigory Grif was

appointed General Director of Fortrent. Mr Grif was previ-

ously Country Manager, Ramirent Russia and Ukraine.

The market outlook for Russia is positive. In 2013,

construction activity in Russia is estimated to increase by

some four per cent. Equipment rental is expected to grow

clearly more than construction activity.

SHARES AND SHARE CAPITAL

On 31 March 2013, Cramo Plc’s share capital as reg-

istered in the Finnish Trade Register was EUR

24,834,753.09 and the number of shares was 42,570,713.

Cramo Plc holds 316,288 of these shares.

As a result of the option programme 2006C, the num-

ber of Cramo Plc shares increased by a total of 546,038

new shares during the first quarter of the year. These

shares were registered in the Finnish Trade Register on 14

February 2013, and trading in them began on 15 February

2013. The share subscription period for the option pro-

gramme 2006C ended on 31 January 2013, and a total of

1,131,627 shares were subscribed with its stock options.

The subscription prices have been marked under the in-

vested unrestricted equity fund.

The stock options 2009 have been listed on NASDAQ

OMX Helsinki as of 1 October 2012. A total of 1,000,000

stock options 2009 were issued. Of these, 816,500 stock

options were held by 87 key employees of the company

and 183,500 stock options by a wholly-owned subsidiary of

Cramo Plc at the end of March 2013. The share subscrip-

tion period commenced on 1 October 2012 and will end on

31 December 2013. Each stock option 2009 entitles its

holder to subscribe for 1.3 Cramo Plc’s shares.

CURRENT OPTION PROGRAMMES AND INCEN-TIVE SCHEMES

On 31 March, Cramo Group had granted to the key

personnel a total of 816,500 stock options 2009, 819,500

stock options 2010 and 861,000 stock options 2011.

The share-specific subscription price after dividends

distributed in 2013 (EUR 0.42) is as follows: for stock op-

tions 2009, EUR 10.13; for stock options 2010, EUR 13.00;

and for stock options 2011, EUR 6.58. In the 2009 and

2010 option programmes, each stock option entitles the

holder to subscribe for 1.3 new Cramo Plc shares. In the

2011 option programme, each stock option entitles the

holder to subscribe for 1 new share.

In the incentive scheme for the Group’s permanent

employees, employees are offered an opportunity to save

a maximum of 5 per cent of their salary and the accumu-

lated savings are used for share purchases. The savings

period began on 1 October 2012 and terminates on 30

September 2013. The person participating in the plan ac-

quires one additional share for free for every two savings

shares purchased. Matching shares will be delivered to a

participant if the participant holds the acquired shares from

the plan period until the end of the designated holding

period, 15 May 2016, and if his or her employment with the

company has not been terminated on the last day of the

holding period of bad leaver terms. Shares will be acquired

with accrued savings at market price once a quarter after

the release date of Cramo’s Interim Reports.


Q1

11

The share-based incentive plan for Cramo Plc’s key

employees consists of three discretionary periods, the

calendar years 2012, 2013 and 2014. The Board of Direc-

tors defines the result-related targets used as the basis for

rewards annually. The reward from the plan for the discre-

tionary period 2012 was based on Cramo Group’s earnings

per share (EPS) key indicator and the potential reward will

be paid in spring 2015 and consists partly of company

shares and partly of money. The total value of the rewards

based on the discretionary period 2012 equaled the ap-

proximate worth of 46,000 shares of Cramo Plc. The re-

ward for the discretionary period 2013 will also be based

on the earnings per share (EPS) key indicator.

ANNUAL GENERAL MEETING 2013 AND VALID BOARD AUTHORISATIONS

Cramo Plc’s Annual General Meeting was held in

Helsinki on 26 March 2013. The Annual General Meeting

adopted the consolidated financial statements and the

parent company’s financial statements for the financial

year 2012 and discharged the members of the Board of

Directors and the President and CEO from liability. The

Annual General Meeting decided, as proposed by the

Board of Directors, that a dividend of EUR 0.42 per share

be paid from the distributable funds.

Mr Stig Gustavson, Mr Eino Halonen, Mr Jari Lainio,

Mr Esko Mäkelä, Mr Victor Hartwall and Ms Helene Bis-

tröm were re-elected as members of the Board of Direc-

tors, and Mr Erkki Stenberg was elected as a new member.

The Annual General Meeting confirmed the remuner-

ation payable to the chairman of the Board of Directors as

EUR 70,000, to the deputy chairman as EUR 45,000 and

to the other members of the Board as EUR 35,000 per

annum. It was further resolved that 50 per cent of the an-

nual remuneration will be paid in Cramo Plc shares pur-

chased on the market on behalf of the Board members. It

was resolved that all Board members are entitled to a

compensation of EUR 1,000 per attended Board committee

meeting. Reasonable travel expenses will be refunded.

Ernst & Young Oy, Authorised Public Accountants,

was appointed as Cramo Plc's auditor, with Mr Erkka

Talvinko as the responsible auditor.

The Annual General Meeting authorised the Board of

Directors to decide on the repurchase of the company’s

own shares and/or their acceptance as pledge. The num-

ber of own shares to be acquired and/or accepted as

pledge shall not exceed 4,100,000 shares in total. Own

shares may only be acquired using the company’s unre-

stricted equity and at a price formed in public trading on the

date of the repurchase or otherwise formed on the market.

Own shares can be acquired otherwise than in proportion

to the shareholdings of the shareholders, and no more than

400,000 of these shares may be used in the company’s

incentive schemes. The authorisation is effective until the

close of the next Annual General Meeting of Shareholders,

or no later than 26 September 2014.


Directors to decide on a share issue which includes the

right to decide on the transfer of the company’s own

shares, as well as on the granting of option rights and other

special rights entitling to shares, pursuant to Chapter 10 of

the Finnish Limited Liability Companies Act. The shares

issued will be new shares of the company, and a maximum

of 4,100,000 shares may be issued. These shares cannot

be used for incentive schemes. The authorisation is valid

for five years from the decision of the Annual General

Meeting.


Directors to decide on donations to the total maximum

amount of EUR 20,000 for charitable or corresponding

purposes. The authorisation is effective until the close of

the next Annual General Meeting of Shareholders.

CHANGES IN SHAREHOLDINGS

During period under review, the company did not re-

ceive any notifications about changes in shareholdings as

defined in Chapter 9 Section 5 of the Securities Market Act.

ESSENTIAL RISKS AND UNCERTAINTIES

In addition to global economic developments, the

main sources of uncertainty in Cramo’s business are relat-

ed to the economic cycles and financial development of

each country, fluctuations in interest and exchange rates,

availability of financing, credit loss risks, the success of the

Group’s acquisitions and information system projects,

personnel-related risks, availability of competent manage-

ment and recruitment-related risks, tax risks and other

business risks.

The uncertainty of near-term economic development

in Europe has increased the levels of risks associated with

Cramo’s business operations. The increasing economic

uncertainty may be seen in Cramo’s operations as weak-

ening demand in one or several market areas, fiercer com-

petition, lower rental prices, higher finance costs or cus-

tomers experiencing financial difficulties and increasing

credit losses. In addition, the economic uncertainty in-

creases the impairment risks to the balance sheet values.


Q1

12

SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

On 29 April 2013, Cramo Plc redeemed its EUR 50

million hybrid bond in accordance with the terms and con-

ditions of the bond.

ACCOUNTING PRINCIPLES

This Interim Report has been prepared in accordance

with IAS 34: Interim Financial Reporting. In the preparation

of this Interim Report, Cramo has applied the same ac-

counting principles as in its financial statements for 2012,

with the exception of the following revised IFRS standards:

IAS 1 (Financial Statement Presentation – Presentation of

Items of Other Comprehensive Income), IAS 19 (Employee

Benefits), IAS 28 (Investments in Associates and Joint

Ventures), IFRS 10 (Consolidated Financial Statements),

IFRS 11 (Joint Arrangements), IFRS 12 (Disclosure of

Involvement with Other Entities), IFRS 13 (Fair Value

Measurement) and other amendments to standards result-

ing from these amendments. The above amendments to

standards have not had a material impact on the reported

balance sheet, the income statement and the notes.

The figures in this Interim Report are unaudited.


Q1

13

CONSOLIDATED BALANCE SHEET (EUR 1,000) 31 Mar 2013 31 Mar 2012 31 Dec 2012

ASSETS

Non-current assets

Tangible assets 623,396 612,465 615,034

Goodwill 172,882 166,246 169,736

Other intangible assets 112,139 120,716 111,751

Deferred tax assets 16,054 14,901 14,604

Available-for-sale financial investments 349 347 349

Shares in joint ventures 20,958 49 97

Loan receivables 20,252

Trade and other receivables 1,131 1,027 1,071

Total non-current assets 967,162 915,752 912,641

Current assets

Inventories 9,838 13,002 9,689

Trade and other receivables 131,097 143,993 136,435

Income tax receivables 8,499 6,269 4,794

Derivative financial instruments 655 359 303

Cash and cash equivalents 10,961 11,733 10,340

Total current assets 161,050 175,356 161,562

Assets available for sale 5,915 6,140 3,540

Assets to be transferred to joint venture 30,392

TOTAL ASSETS 1,134,127 1,097,248 1,108,136

EQUITY AND LIABILITIES

Equity

Share capital 24,835 24,835 24,835

Other reserves 308,042 301,517 304,373

Fair value reserve 119 119 119

Hedging fund -7,495 -5,632 -8,144

Translation differences 14,513 3,965 7,710

Retained earnings 133,912 108,937 154,115

Equity attributable to shareholders of the parent company

473,926 433,740 483,007

Hybrid capital 49,630 49,630 49,630

Total equity 523,556 483,370 532,637

Non-current liabilities

Interest-bearing liabilities 266,372 282,031 271,713

Derivative financial instruments 8,002 7,543 8,861

Deferred tax liabilities 80,478 81,989 80,188

Pension obligations 1,787 1,281 1,574

Other non-current liabilities 4,725 855 752

Total non-current liabilities 361,363 373,699 363,087

Current liabilities

Interest-bearing liabilities 109,527 105,401 87,577

Derivative financial instruments 553 2,578 1,347

Trade and other payables 136,468 127,860 119,460

Income tax liabilities 2,661 4,342 1,055

Total current liabilities 249,207 240,180 209,439

Liabilities to be transferred to joint venture 2,974

Total liabilities 610,571 612,928 575,499

TOTAL EQUITY AND LIABILITIES 1,134,127 1,097,248 1,108,136


Q1

14

CONSOLIDATED INCOME STATEMENT 1 Jan 2013 - 31 Mar 2013 (EUR 1,000)

1-3/13 1-3/12 1-12/12

Sales 148,529 159,991 688,391

Other operating income 1,675 3,648 11,321

Production for own use 3,494 3,657

Materials and services -52,779 -58,934 -241,301

Employee benefit expense -34,799 -36,831 -143,728

Other operating expenses -32,712 -35,204 -138,763

Depreciation and impairment on tangible assets and assets available for sale

-23,357 -25,609 -101,571

Share of profit / loss of joint ventures -197 43

EBITA 6,359 10,555 78,048

% of sales 4.3 % 6.6 % 11.3 %

Amortisation and impairment resulting from acquisitions and disposal

-4,680 -2,978 -13,569

Operating profit / loss (EBIT) 1,679 7,577 64,479

% of sales 1.1 % 4.7 % 9.4 %

Finance costs (net) -3,964 -5,223 -20,223

Profit / loss before taxes -2,286 2,354 44,257

% of sales -1.5 % 1.5 % 6.4 %

Income taxes 501 -560 -5,508

Profit / loss for the period -1,785 1,795 38,749

% of sales -1.2 % 1.1 % 5.6 %

Attributable to:

Equity holder of parent -1,785 1,795 38,749

Non-controlling interest

Profit / loss attributable to equity holders' of parent

Earnings per share, undiluted, EUR -0.04 0.04 0.93

Earnings per share, diluted, EUR -0.04 0.04 0.93

COMPREHENSIVE INCOME STATEMENT 1 Jan 2013 - 31 Mar 2013 (EUR 1,000)

1-3/13 1-3/12 1-12/12

Profit / loss for the period -1,785 1,795 38,749

Other comprehensive income

Items that will not be reclassified to profit of loss:

-Actuarial gain or loss on employment benefet obligations 1) -170 -209

Total items that will not be reclassified to profit of loss -170 0 -209

Items that may be reclassified subsequently to profit of loss:

-Change in hedging fund, net of tax 649 -464 -2,976

-Change in exchange rate differences, net of tax 11,992 4,408 15,387

Total items that may be reclassified subsequently to profit of loss 12,641 3,944 12,411

Total other comprehensive income, net of tax 12,471 3,944 12,202

Comprehensive income for the period 10,686 5,739 50,951

1) Based on revised IAS 19 standard (Employee benefits) actuarial gains and losses resulting from the changes in assumptions used in the valuation of pension liabilities are recognized immediately in other comprehensive income. Due to retrospective application the group finance costs for 1-12/12 have been decreased by eur 209 thousand

2) Share of profit / loss of joint ventures has been moved to be presented above EBITA


Q1

15

CHANGES IN CONSOLI-DATED STATEMENT OF EQUITY (EUR 1,000)

Share capital

Share issue and

other reserves

Fair value reserve

Retained earnings,

translation differences,

hedging fund

Attributable to equity holders of the parent

company

Hybrid capital

Total equity

At 1 Jan 2012 24,835 300,740 119 118,527 444,221 49,630 493,851

Total comprehensive income 5,739 5,739 5,739

Dividend distribution -12,374 -12,374 -12,374

Exercise of share options 776 776 776

Share-based payments 888 888 888

Hybrid capital -5,510 -5,510 -5,510

At 31 Mar 2012 24,835 301,516 119 107,270 433,741 49,630 483,370

At 1 Jan 2013 24,835 304,373 119 153,681 483,007 49,630 532,637

Total comprehensive income 10,686 10,686 10,686

Dividend distribution -17,747 -17,747 -17,747

Exercise of share options 3,369 3,369 3,369

Share-based payments 117 117 117

Hybrid capital -5,507 -5,507 -5,507

Changes within equity 300 -300

At 31 Mar 2013 24,835 308,042 119 140,929 473,926 49,630 523,556

CONSOLIDATED CASH FLOW STATEMENT 1 Jan 2013 - 31 Mar 2013 (EUR 1,000)

1-3/13 1-3/12 1-12/12

Net cash flow from operating activities 17,869 17,779 145,992

Net cash flow from investing activities -36,809 -711 -83,776

Cash flow from financing activities

Change in interest-bearing receivables 1 2,527 2,528

Change in finance lease liabilities -9,108 -9,996 -39,353

Change in interest-bearing liabilities 25,303 -21,511 -21,591

Hybrid capital -6,000

Proceeds from share options exercised 3,369 777 3,633

Dividends paid -12,374

Net cash flow from financing activities 19,565 -28,203 -73,157

Change in cash and cash equivalents 625 -11,135 -10,941

Cash and cash equivalents at period start 10,340 22,532 22,532

Cash to be transferred to joint venture -2,005

Translation differences -4 336 754

Cash and cash equivalents at period end 10,961 11,733 10,340


Q1

16

COMMITMENTS AND CONTINGENT LIABILITIES 31 Mar 2013 31 Mar 2012 31 Dec 2012

Pledges, finance lease 100,138 137,162 109,314

Interest on hybrid capital 4,027

Investment commitments 17,247 17,511 9,445

Commitments to office and depot rents 119,668 124,638 116,734

Operational lease payments 33,761 40,328 36,069

Other commitments 3,049 780 2,790

DERIVATIVE FINANCIAL INSTRUMENTS (EUR 1,000)

31 Mar 2013 31 Mar 2012 31 Dec 2012

Fair value

Interest rate swaps -8,002 -7,543 -8,862

Currency forwards 195 -2,219 -956

Nominal value

Interest rate swaps 91,000 182,180 90,000

Currency forwards 148,371 192,785 184,809

MODULAR SPACE ORDER BOOK (EUR 1,000) 31 Mar 2013 31 Mar 2012 31 Dec 2012

Value of outstanding orders for modular space 97,098 81,564 89,509

Value of orders for modular space rental 96,947 80,728 87,596

Value of orders for sale of modular space 152 836 1,913

SHARE RELATED KEY FIGURES 1-3/13 1-3/12 1-12/12

Earnings per share (EPS), EUR 1) -0.04 0.04 0.93

Earnings per share (EPS), diluted, EUR 2) -0.04 0.04 0.93

Shareholders’ equity per share, EUR 3) 11.22 10.54 11.58

Number of shares, end of period 42,570,713 41,561,741 42,024,675

Number of shares, issue-adjusted, average 4) 42,076,901 41,150,783 41,356,347

Number of shares, issue-adjusted, end of period 4) 42,254,425 41,245,453 41,708,387

Number of shares, diluted, average 42,323,779 41,861,441 41,587,100

1) Calculated from issue-adjusted average number of shares 2) Calculated from diluted average number of shares 3) Calculated from issue-adjusted number of shares at the end of the period 4) Number of shares deducted by own shares held by Cramo Group


Q1

17

INFORMATION PRESENTED BY BUSINESS SEGMENT

The Group’s segments are divided geographically and consist of Finland, Sweden, Norway, Denmark, Central Europe

and Eastern Europe.

Sales (EUR 1,000) 1-3/13 1-3/12 1-12/12

Finland 22,995 29,348 112,666

Sweden 72,861 77,457 322,359

Norway 23,026 20,798 84,167

Denmark 7,615 8,189 37,684

Central Europe 11,238 11,782 66,973

Eastern Europe 12,486 13,870 70,263

Inter-segment sales -1,692 -1,453 -5,720

Group sales 148,529 159,991 688,391

EBITA (EUR 1,000) 1-3/13 1-3/12 1-12/12

Finland 2,315 2,949 20,975

% of sales 10.1 % 10.0 % 18.6 %

Sweden 9,961 12,881 57,578

% of sales 13.7 % 16.6 % 17.9 %

Norway 910 923 5,319

% of sales 4.0 % 4.4 % 6.3 %

Denmark -235 -1,445 -5,022

% of sales -3.1 % -17.6 % -13.3 %

Central Europe -4,673 -4,314 -236

% of sales -41.6 % -36.6 % -0.4 %

Eastern Europe -85 -801 6,722

% of sales -0.7 % -5.8 % 9.6 %

Non-allocated capital gains and other income 2,196 2,196

Non-allocated Group activities -1,921 -2,083 -9,761

Eliminations 85 249 277

Group EBITA 6,359 10,555 78,048

% of sales 4.3 % 6.6 % 11.3 %

Reconciliation of Group EBITA to Earnings before taxes (EUR 1,000)

1-3/13 1-3/12 1-12/12

Group EBITA 6,359 10,555 78,048

Amortisation and impairment resulting from acquisi-tions and disposals

-4,680 -2,978 -13,569

Net finance items -3,964 -5,223 -20,223

Share of profit from associate

Earnings before taxes -2,286 2,354 44,257


Q1

18

Depreciation and impairment on tangible assets (EUR 1,000)

1-3/13 1-3/12 1-12/12

Finland -3,874 -4,526 -16,958

Sweden -10,401 -10,004 -41,258

Norway -3,362 -2,760 -11,517

Denmark -1,142 -1,124 -5,073

Central Europe -1,830 -2,507 -9,598

Eastern Europe -2,812 -4,747 -17,494

Non-allocated items and eliminations 64 60 327

Total -23,357 -25,609 -101,571

Capital expenditure (EUR 1,000) 1-3/13 1-3/12 1-12/12

Finland 2,055 5,671 23,585

Sweden 6,505 14,194 55,206

Norway 21,422 1,232 10,900

Denmark 223 477 2,433

Central Europe 4,206 1,315 19,566

Eastern Europe 11,691 1,184 12,527

Non-allocated items and eliminations 56 209 860

Total 46,157 24,281 125,078

Assets (EUR 1,000) 31 March 2013 31 March 2012 31 Dec 2012

Finland 148,460 154,453 153,423

Sweden 522,461 511,031 516,589

Norway 141,036 112,445 124,866

Denmark 41,314 43,269 43,859

Central Europe 100,333 95,009 97,505

Eastern Europe 116,790 137,464 130,615

Non-allocated items and eliminations 63,736 43,578 41,278

Total 1,134,127 1,097,248 1,108,136


Q1

19

Sales by segment (EUR 1,000) 1-3/13 10-12/12 7-9/12 4-6/12 1-3/12 10-12/11 7-9/11

Finland 22,995 28,576 29,136 25,606 29,348 34,036 34,067

Sweden 72,861 88,109 80,994 75,799 77,457 89,380 78,980

Norway 23,026 23,384 20,864 19,121 20,798 20,996 20,687

Denmark 7,615 8,965 13,248 7,281 8,189 11,253 9,705

Central Europe 11,238 16,981 19,973 18,238 11,782 19,700 20,957

Eastern Europe 12,486 19,916 19,773 16,704 13,870 19,453 19,254

Inter-segment sales -1,692 -1,328 -1,610 -1,329 -1,453 -1,916 -2,012

Group sales 148,529 184,603 182,378 161,420 159,991 192,903 181,637

EBITA by segment (EUR 1,000) 1-3/12 10-12/12 7-9/12 4-6/12 1-3/12 10-12/11 7-9/11

Finland 2,315 6,530 7,811 3,685 2,949 6,147 7,667

% of sales 10.1 % 22.9 % 26.8 % 14.4 % 10.0 % 18.1 % 22.5 %

Sweden 9,961 16,157 16,979 11,561 12,881 17,964 17,173

% of sales 13.7 % 18.3 % 21.0 % 15.3 % 16.6 % 20.1 % 21.7 %

Norway 910 1,790 1,865 697 923 588 1,004

% of sales 4.0 % 7.7 % 8.9 % 3.6 % 4.4 % 2.8 % 4.9 %

Denmark -235 -3,607 577 -547 -1,445 -147 295

% of sales -3.1 % -40.2 % 4.4 % -7.5 % -17.6 % -1.3 % 3.0 %

Central Europe -4,673 826 2,324 929 -4,314 326 2,932

% of sales -41.6 % 4.9 % 11.6 % 5.1 % -36.6 % 1.7 % 14.0 %

Eastern Europe -85 3,191 3,660 672 -801 2,880 2,569

% of sales -0.7 % 16.0 % 18.5 % 4.0 % -5.8 % 14.8 % 13.3 %

Non-allocated capital gains and other income

0 0 0 0 2,196 0 0

Non-allocated Group activities -1,921 -2,900 -2,061 -2,719 -2,083 -4,086 -1,281

Eliminations 85 -42 0 70 249 132 122

Group EBITA 6,359 21,946 31,155 14,348 10,555 23,805 30,479

% of sales 4.3 % 11.9 % 17.1 % 8.9 % 6.6 % 12.3 % 16.8 %

LARGEST SHAREHOLDERS

TEN LARGEST SHAREHOLDERS 31 Mar 2013 SHARES %

1 Hartwall Capital Oy Ab 6 491 702 15,25

2 K. Hartwall Invest Oy 2 132 000 5,01

3 Rakennusmestarien Säätiö (Construction engineers' fund) 2 129 422 5,00

4 Mariatorp Oy 1 355 899 3,19

5 Wipunen varainhallinta Oy 1 200 000 2,82

6 Nordea Nordenfund 1 033 713 2,43

7 Odin Finland 841 518 1,98

8 Fondita Nordic Micro Cap 670 000 1,57

9 Investment fund Aktia Capital 550 000 1,29

10 Nordea Life Assurance Finland Ltd. 400 000 0,94

Ten largest owners, total 16 804 254 39,47

Nominee registered 8 809 777 20,69

Others 16 956 682 39,83

Total 42 570 713 100,00


Q1

20

There were no material transactions with related par-

ties during the period under review.

This report includes certain forward-looking state-

ments based on the management’s expectations at the

time they were made. These involve risks and uncertainties

and are subject to change due to changes in general eco-

nomic and industry conditions.

Vantaa 2 May 2013 Cramo Plc Board of Directors

BRIEFING

Cramo will hold a briefing and a live webcast at Kämp

Kansallissali, address: Aleksanterinkatu 44 A, 2nd floor,

Helsinki, on Friday, 3 May 2013 at 11:00 am. The briefing

will be in English.

To watch the briefing live on the Internet, go to

www.cramo.com. A replay of the webcast will be available

at www.cramo.com from 3 May 2013 in the afternoon.

PUBLICATION OF FINANCIAL INFORMATION 2013 Cramo will publish two more Interim Reports in 2013. The January–June Interim Report will be published on Tuesday, 13 August 2013. The January–September Interim Report will be published on Wednesday, 30 October 2013. FURTHER INFORMATION Vesa Koivula President and CEO, tel. +358 10 661 10, +358 40 510 5710 Martti Ala-Härkönen CFO, tel. +358 10 661 10, +358 40 737 6633 DISTRIBUTION NASDAQ OMX Helsinki Ltd Principal media www.cramo.com


Q1

21

INTERIM REPORT Q1/2013 CRAMO PLC

Q1 POWERING YOUR BUSINESS

CRAMO PLC

KALLIOSOLANTIE 2

FI-01740 VANTAA, FINLAND

BUSINESS ID 0196435-4

WWW.CRAMO.COM

cramo’s interim report 1 january–31 march 2013 · average number of personnel (fte) 2,505 2,721...

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